Metropolitan Bank Provides $21.5M Loan For Development Site In Elmhurst
FINANCED
$21,500,000
New York
See Similar DealsDevelopment Site67,286 SF
Financed 11/20/2020
FINANCED
Metropolitan Bank Provides $21.5M Loan For Development Site In Elmhurst
45-20 83rd Street, Elmhurst, NY, USA
See Similar DealsDevelopment Site67,286 SF
Financed 11/20/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$319
Total Square Footage:67,286 SF
Transaction Type:Loan
Adam Hakim and James Murad of Meridian Capital Group facilitated a loan transaction for a development site in Elmhurst. The property, located at 45-20 83rd Street, spans a total of 67,286 square feet. The loan amount for this transaction was $21,500,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $21,500,000
- Address: 45-20 83rd Street
- Market: Elmhurst
- Lender: Metropolitan Bank
- Landlord: Scott Barone & John Silviano - Barone Management
- Brokers: Adam Hakim, James Murad - Meridian Capital Group
Adam Hakim and James Murad from Meridian Capital Group were the brokers representing the parties involved in this loan transaction. The lender for this deal was Metropolitan Bank. The property is owned by Scott Barone and John Silviano of Barone Management. Their representation in this transaction highlights their role as landlords.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$21,500,000.00
Monthly NOI$143,333.33
Monthly Debt Service$135,894.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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